San Francisco-based newsletter platform Substack Inc has raised $65 million in new venture capital funding led by Andrew Chen of venture capital firm Andreessen Horowitz. This round valued the company at around $650 million.

The startup intends to utilize the fresh capital to rapidly expand its Subtrack Pro program which pays writers for a year to assist them in launching their own mini publication. The fund will also be used for growing a team of writers and bolstering the startup’s subscription-based publishing model.

Founded in 2017, Substack serves as a neutral platform for writers including journalists while also paying some of them for content published on a regular basis. Many of the writers, bloggers, and content writers have turned away from the traditional media models that have let them down and instead focused on creating their own content with the help of platforms like Substack. This situation has worked out for writers and journalists such as Kelly Dwyer, Matt Brown, Matt Miller, and many others.

Substack is currently building its infrastructure for independent writers that includes more tooling and more assistance and also intends to spend some of its new capital on creating increasingly powerful subscription-publishing tools. The company also said that it plans to boost its community-building and local news efforts.

More writers and journalists are lately getting on the email newsletter bandwagon preferring the editorial freedom intrinsic to the medium, which also allows them to move away from ad-reliant business models that have been on a steady decline.